The Treaty of Versailles had a very strong impact on the history of the world. Its main impact was to bring about World War II.
This was not the only impact of the treaty. The treaty did set up the League of Nations. This organization really did not last very long or have very much impact on the world, but it led directly to the creation of the United Nations, which has had much more of an impact.
However, the main impact of the Treaty of Versailles was to help bring about WWII. The main thing to know about the treaty was that it was extremely harsh on Germany. It stripped Germany of all of its overseas possessions and much of its European territory. It took away its right to have a real military. It forced Germany to admit that it alone had been responsible for WWI. It forced Germany to pay stiff reparations to France and England.
All of this weakened the German economy and made Germans very angry. Their anger and the weakness of their economy helped lead to a situation in which they were willing to go along with someone as radical as Adolf Hitler. These attitudes were what pushed Germany to act aggressively to get revenge on those who imposed the treaty on them and to regain what they saw as their rightful place in the world.
In these ways, the Treaty of Versailles was important because it led to WWII.